Page 273 - PWA_2023_Annual_Report

Provincial Waterworks Authority Annual Report 2023 271

5.24 Employee Benefit Obligations consisted of the following: (cont.)
Employee benefit obligations in the statement of financial position as at 30 September 2023
consisted of the following:
Unit : Million Baht

Financial statement-equity
method applied/
Separate financial statements

Present value of employee benefit obligations at
the end of installment 2,756.90
Fair value of project assets -
Employee benefit obligations - presented in
the statement of financial position 2,756.90

PWA determines the benefit scheme for severance payment under the labor law for retired
employees and those who were in service as a specified period of employment.
PWA’s key assumptions, estimated in accordance with actuarial basis:

Percentage per year

2023 2022

Discount rate 3.46 3.68
Employee turnover rate 0.4411 - 3.5311 0.3496 - 2.3149
Salary increment rate 7.50 7.50
Mortality rate announced by
the Office of Insurance Commission 2017 2017

Assumptions about the discount rate, estimated from the average yield of government bonds
as at the end of the reporting period and reflected estimates of the timing of benefit payments.
Assumptions about employee turnover rate, estimated from historical data based on the age
range of employees.

Assumptions about the rate of salary increment, estimated from past statistics.
Assumptions about the mortality rate, estimated from the rational possibility of service
until retirement retirement in the future based on the 2017 Thai Mortality Table of the Office of Insurance
Commission.
An analysis of the sensitivity of key assumptions in the calculation.
PWA’s provisions on employee benefits are sensitive to changes in assumptions used for
calculation. Changes in assumptions can occur due to changes in market and inflation conditions including

impacts of possible changes to the following key assumptions: